A class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of purchasers of Calpine Corporation (OTC:CPNLQ) securities between March 15, 2001 and December 13, 2001, inclusive.
The complaint charges that Calpine and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by issuing false and misleading statements concerning its business and financial condition. In particular, the complaint charges that defendants issued opaque and confusing balance sheets which artificially inflated the Company's reported EBITDA (earnings before interest, taxes, depreciation and amortization) and that as a result, members of the class purchased Calpine shares are artificially inflated prices and suffered damages when the stock fell over 38% over a one week period.
Calpine has ownership interests in and operates gas fields, gas pipelines, geothermal steam fields and geothermal power generation facilities in the United States and Canada.
Plaintiff seeks to recover damages on behalf of all those who purchased Calpine common stock during the Class Period, excluding defendants and their affiliates.